Propel Funeral Partners Limited Expands into New Zealand with Strategic Acquisitions

Propel Funeral Partners Limited (ASX: PFP) has executed binding agreements to acquire two long-established funeral service providers in New Zealand, expanding its network into two new regional markets. The acquisitions, valued at up to ~AU$7.3 million, include Twentymans Funeral Services and Thames Crematory, operating since 1867, and Richmond Funeral Home and Clareville Crematorium, operating since 1887. These businesses generated ~AU$3.7 million in revenue and conducted ~600 funerals in the last financial year.

Propel will acquire three properties and lease four others, with purchase options on three. The total consideration includes AU$ 6.7 million in cash, AU$ 0.1 million in Propel shares, and up to AU$ 0.5 million contingents on financial milestones. The acquisitions will be funded through Propel’s debt facilities and are expected to be completed in 2H FY25. The transactions are projected to be earnings accretive within the first year, reinforcing Propel’s growth strategy.

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